First Time Homebuyers Seeking FHA Backed Mortgages

By: Alicia Schuller, Marketing Coordinator, NHS of Baltimore

According to an article in the Baltimore Sun, more people are seeking Federal Housing Administration (FHA) backed mortgages than they have since 2005. In July, 40% of new homeowners in Baltimore chose to go with a federally insured loan over a conventional private loan. This is an amazing reversal from the pre-mortgage meltdown mess and it means people are being more cautious.

Although the housing market is far from rebounding just yet, federal incentives to buy a new home are at their pinnacle. Now is a great time for first time homebuyers to get into the market because housing prices are low, incentives are high and scammers are on the run. NHS of Baltimore attributes the rise in preference for FHA backed mortgages not only to the fear caused by the mortgage crisis, but to the loads of help coming from the federal government in an effort to stabilize the housing market.

If you would like to learn more about an FHA backed mortgage, click here.